In this video, we’re going to get very real with what it takes to win in a multiple offer situation, and it’s not what you think. We’re going to talk about something in this video that nobody is talking about. Let’s face it, it is ugly out there. People are battling over properties. It’s typically, multiple offer situations and buyers are out there just fighting to get the properties that they need for their families. I posted a video previously about some strategies to be able to compete with multiple offers. I’ll post that above for you to take a look at, but there’s one thing that I missed and I really think that it’s an important part of this whole conversation. Let’s get right into it, we’re talking about the human factor. We’ve got to understand from a sellers market, we have to cater more to the seller and in a buyer’s market we cater more to the buyer; that’s just the nature of the market. Right now, we are in a very strong sellers market so we have to cater to the seller. I’ve got one specific tip, at the end of this video that is going to blow this out of the water. We’ve got to care what the seller needs.
It’s not all about price and the highest bid and that’s a big factor, but there are a lot of other things that are going on in the seller’s mind. Where am I going to move? Do I have to move out right away? Somebody’s going to try to close quickly or will they allow me to stay in the property? How much of a deposit do they have? Are they serious? What do they love about my home? These are all things that are going through the seller’s mind. Even in a sellers market, I’m here to tell you that the psychology of the seller is always one of doubt. Is this going to work out? The more confidence that we can give the seller that it’s going to work out, the better off you would be as a buyer in this particular market. We’ve talked about a lot of those things before, but it starts with your buyer’s agent reaching out to the listing agent and asking, what’s important to the seller about the sale and then just let them talk. You don’t have to do everything that they say is important to the seller, but being on the listing side of things, especially in this market.
I receive lots of offers from agents who never even asked that question. They just submit the offer on behalf of their client. That is a big mistake in something that’s really missed out there is, what’s important to the seller. On to the big finale of the human factor is that, we are dealing with a seller who is a human being. Sometimes people forget that we’re dealing with human beings, they have things that are important to them. Here’s a story about a recent transaction and I think it all makes sense. We had multiple offers, more than four, less than 10 offers on a particular property. Of those offers, we had probably four other offers that were better than this one particular offer. In reviewing everything with the seller, we talked through the numbers on everything and what the offers means as we went down the line. One particular buyer I made mention that they’re moving because their kid plays this specific sport and they’re going to move down to this area because of that. Well, that’s just like a light bulb went off in the seller’s mind because their son played that same sport. All of a sudden they wanted to just talk to that particular buyer because they have more confidence in that buyer at that point. Even though financially, they may have been better off going with one of the other offers. They went back to the offer with the child that played that specific sport and said, we’ll counter you at this. Will you do it? They agreed to it, the deal was done. So that was done because of one thing that was in common.
The lesson here is, as you view properties, you want to make sure that you’re taking in what is important to the seller. Maybe you have nothing in common, but maybe they’re dog people. You can tell that they have a dog, they’ve got a picture of their dog and you see the dog bowls. Maybe you have a dog and the reason why you’re moving to that house is because it has a fenced in backyard and you want that for your dog. That would be an extremely important fact that can be done in a handwritten letter or a written letter and present it over to the listing agent and the seller so that we can get on the emotional side of the transaction. This is a really big point and I wanted to make sure that you got it because this is how you win in this market. Yes, numbers are important, but if it’s a situation like the story I told you, you’re not the highest bidder, but you have something in common. There’s a chance that the seller may just want to work with you. I hope you enjoyed that video. If you want to have more videos like this, please inspire me to make them for you and click that Like button and subscribe to the channel. I sincerely appreciate it. Have an amazing day.
Brad Dohack | Gulf Pointe Properties | 239-839-1168 | Brad.HomeSearchinSWFlorida.com